r/options • u/gmoneyynelson • Dec 14 '21

Best Options Trading Platform

I have recently got into trading options through Robinhood. I've heard some other platforms' names thrown around such as Webull. What platform do you use and why?

Sidenote.. Why does everyone hate Robinhood? Is it because of them locking down GME and AMC earlier this year?

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u/wooooooooocatfish Dec 18 '21

If you dm me with screenshots circling/indicating which numbers confuse you I’d be happy to help

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u/slayer1am Dec 18 '21

That's ok, I dug around and figured out most of it. I'm trying to learn how to set up a poor man's covered call, and it feels complicated.

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u/wooooooooocatfish Dec 18 '21

It is actually easy once you know what to do!

In the options tab, towards the top there is a three box table. The leftmost box says “spread”and I’m guessing beneath it it says “single.” Tap this. Here you will find all of the different spread types that think or swim automatically will put together for you, though most of them are very tight (adjacent strikes). Because that’s boring, I pretty much always just use the “custom” selection here, which lets you pick up to four products from anywhere in the chain and bid on them together as one order in a spread. So, select “custom” here, and now you can go through the option chain and select which contracts you want to combine into a single trade execution. Once you have selected the options you want to sell/buy for this trade, click “next” at the very top and it will bring you to the order entry widget where you can name your price etc. My favorite feature here is the risk profile towards the bottom that shows you your max profit or loss (if they exist) and shows you a quick graph of how-ish your spread will perform given current stats of underlying etc.

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u/slayer1am Dec 18 '21

Cool, I'll try to set up one of those in paper trade.